Spotlight: State Banking Chief to Head New Department

A day after announcing the formation of the state Department of Financial Institutions, Gov. Pete Wilson tapped state banking chief Conrad Hewitt as the department’s first director. The agency combines previously separate bank licensing and regulation of banks, thrifts and other financial institutions. Hewitt, 60, of San Francisco, has been the state superintendent of banks since 1995 and formerly with the accounting firm of Ernst & Young. The new position is subject to state Senate confirmation.